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A compromis de vente is a mutual obligation of the buyer (to buy) and the seller (to sell). Literally translating as “a promise to sell,” the promesse de vente is a unilateral obligation to sell. There are two substantial drawbacks to a compromis de vente:
Whether the parties sign a compromis de vente or a promesse de vente, the preliminary contract will always contain the following terms:
French banks will lend up to 85% of the assessed value of the property and renovations to most non-resident buyers.
The notaire is a public official with legal training (but different from a lawyer) who prepares and registers official acts such as wills and property ownership transfers. Notaires enjoy a very privileged and highly respected position in French society.